Executive Overview Brochure - Q3 2011
Yoh Index of Technology Wages Increases 6.85 Percent, Indicating Early Stage Economic Recovery
As global debt concerns and American political gridlock continues to drag down worldwide economies, the Q3 Yoh Index of Technology Wages found a surprising bright note hidden in the despair of recent economic data. Wages paid by American corporations to highly skilled temporary workers increased a remarkably strong 6.85 percent in September 2011, compared to the same month in 2010 ( Figure 1 ), resulting in the biggest year-over-year increase since September 2009 ( Figure 2 ).
The increase shows that even as the American unemployment rate continues to languish at 9.0 percent, wages for skilled temporary workers are increasing, suggesting an increased demand for the level of expertise needed in early stage economic recovery. Since 2001, the Yoh Index of Technology Wages has been benchmarking the relative wage rate fluctuations of highly skilled temporary workers in technology, engineering, life sciences, and healthcare. Temporary employment is closely tracked as a leading indicator of future economic activity. By focusing on highly skilled workers, the Yoh Index tracks demand for technically proficient workers, those who can command higher wages and set the ceiling for the job market as a whole.
“Two trends that jump from the numbers and provide optimism are the rate of increase in September, as well as the acceleration of the rate of increase over July, August, and September of 2011 versus the same months in 2010,” says Lori Schultz , President of Yoh. September 2011 wages were 6.85 percent greater than September 2010, representing the biggest jump in three years. What’s more, the September year-over-year wage increase is nearly 50 percent better than August’s and almost three and a half times better than July’s year-over-year rate increase. “This velocity suggests that skilled temporary professionals are finally beginning to...Read the entire Q3 Index Report
Trends in Technology Wages: January 2001 – Present
Yoh began indexing pay rates in the technology sectors in January 2001. The technology wage market experienced an unstable year in 2001 and then fell dramatically after September 11. Wages experienced another up-and-down year in 2002, but were then up slightly in 2004, as compared to 2003. In 2005 and 2006, tech wages consistently outpaced national trends with 2007 wages starting out strong but slowed at the end of the year. 2008 brought on a decline through the first two quarters, and finished flat. The first two quarters of 2009 showed wages holding steady supporting cautious optimism for the economy as a whole.
The Yoh Index of Technology Wages presents a current view of the changes in employer demand and supply of technology workers nationwide. Indexed to January 2001, the Yoh Index of Technology Wages was first introduced in January 2003 and is released quarterly.
The employment markets covered by the Yoh Index of Technology Wages are:
- Aerospace & Defense (Aviation)
- Engineering
- Information Technology
- Life Sciences (Clinical, Health Care, Scientific, Validation)
- Telecommunications
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